TIDMINF
RNS Number : 6344N
Informa PLC
01 October 2021
Informa LEI: 5493006VM2LKUPSEDU20
Informa PLC Press Release
1 October 2021
Board Update
Informa (LSE: INF.L), the Information Services, Advanced
Learning, B2B Exhibitions and Events Group today announces a Board
update including the appointment of two new Non-Executive Directors
and confirms new Board responsibilities, including Chair-Elect of
the Remuneration Committee.
Joanne Wilson joins the Informa Board as a Non-Executive
Director, bringing extensive financial and operational experience
to the Group from her position as the Chief Financial Officer of
Britvic PLC and through a range of previous roles at Tesco plc,
including Chief Financial Officer of dunnhumby Ltd, Head of M&A
and Commercial Director of Health & Beauty. This additional
financial experience will be particularly valuable to the Group in
light of the recent proposals on UK audit reform made by the UK
Government's Department of Business, Energy & Industrial
Strategy.
Louise Smalley joins Informa as a Non-Executive Director,
bringing extensive knowledge in talent development and management,
and remuneration and reward. Louise most recently served as Group
HR Director at Whitbread plc, which followed a number of other
senior executive roles within Whitbread and at PepsiCo, Esso and BP
plc. In addition, she is a Non-Executive Director and member of the
Remuneration, Audit and Nomination Committees at DS Smith Plc.
Alongside these valuable additions to the Board, it is our
intention to confirm the full allocation of Board responsibilities
before the end of the year, including the role of Senior
Independent Director. Informa is also actively recruiting for a
third new Non-Executive Director, ideally based in China, to
contribute relevant commercial and operating experience in that
region, reflecting its growing importance for the Group.
Board Committees and Responsibilities
Ms Smalley will become Chair-Elect of Informa's Remuneration
Committee, with responsibility for leading the consultation on
Informa's forward new remuneration policy. This consultation will
commence in early 2022 to fit with the 2022 AGM resolution process.
Subject to approval, the new policy will take effect from January
2024, following the completion of all previously determined and
deployed LTIP and restricted share plans, including the 2021-2023
Equity Revitalisation Plan (see full remuneration summary
below).
On appointment, Ms Smalley will also join the Nomination
Committee, whilst Ms Wilson will become a member of the Audit and
Nomination Committee.
John Rishton, Chairman, Informa PLC, said:
"As we replenish and develop the Informa Board, following the retirement
of the previous Chair and outgoing Senior Independent Director,
I am delighted to welcome Joanne and Louise. They both bring highly
relevant experience which will combine well with the skills and
perspectives already around the Informa Board table."
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Notes to Editors
Informa Group Remuneration and Forward Consultation Process
The Informa Group is an international portfolio of knowledge and
information businesses. Its B2B Information and Advanced Learning
businesses have remained robust throughout the COVID-19 pandemic,
delivering improving levels of performance and growth. By contrast,
its B2B Events businesses have experienced significant disruption
and, as a consequence, the Board moved early in 2020 on a range of
matters to secure the future value of the company. This included a
GBP600m Cost Savings Programme, the restructuring and rescheduling
of the Group's debt to increase liquidity and remove all financial
covenants, the implementation of a major B2B Events Postponement
Programme, the introduction of a Balanced Working Programme and the
launch of a worldwide Colleague Support Fund funded through Senior
Management salary sacrifice.
As part of this COVID-19 Action Plan, the Group updated its
approach to colleague incentives in order to reflect the unique
circumstances brought about by the pandemic and, thus, motivate and
retain key talent.
Following significant consultation and with support from
shareholders, a restricted stock plan was launched for the most
affected COVID period, 2021-2023, called the Equity Revitalisation
Plan ("ERP"). This was determined and deployed in full in early
2021, with grants made to 100+ Senior Executives for each of the
three years of the plan, with the express intention of ensuring a
single-minded focus on driving value back into the company over the
period.
This approach, which addressed the potential longer-term impacts
of COVID-19 that were not visible in 2020, has proved to be very
effective in retaining key talent and focusing the entire company
on value.
Similarly, in advance of the ERP, when considering the potential
long-term effects of COVID, the Company determined that the key
commercial imperative for the business was cash (cash collection,
cash management, cash conversion etc), rather than EPS and TSR.
Therefore, the Group deployed cash targets for all LTIP grants,
including the 2020 2019 and 2018 LTIP's. This is also serving
Informa well, as reflected in the Group's positive monthly cash
trading position at the end of 2020 and through 2021, despite the
continuing challenges of extended COVID impacts on the Group.
In 2022, the Company will consult with shareholders on its
forward Remuneration Policy, which will take effect following the
completion of all previously determined and deployed LTIP's and
restricted share plans, in January 2024. This process will be led
by Ms Smalley, the now Chair-Elect of the Remuneration
Committee.
Listing Rules
In relation to the appointment of the two new Non-Executive
Directors, the Company confirms that no further information is
required to be disclosed pursuant to paragraph 9.6.13 of the UK
Listing Rules.
Informa PLC
Informa is a leading international Information Services,
Advanced Knowledge, Exhibitions and Events Group. It helps
commercial, professional and academic communities work smarter and
make better decisions faster, through specialist content and
intelligence, and opportunities to connect and learn. For more
information, please visit www.informa.com .
Enquiries
Richard Menzies-Gow, Director of IR
& Communications +44 (0) 20 3377 3445
Rupert Hopley, Group Company Secretary +44 (0) 20 7017 5000
Tim Burt / Zoe Watt - Teneo +44 (0) 20 7240 2486
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October 01, 2021 02:00 ET (06:00 GMT)
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